mizzima.com-Sept 15
According to campaign group Progressive Voice, the Myanmar junta’s cruel disregard for the people of Myanmar and their greed for power and money is fueling an economic and food crisis that adds to its extreme, direct forms of violence towards the Myanmar people. The ruination of Myanmar’s economy at the hands of the junta is exemplified by soaring commodity prices, unfair exchange rate controls, rising inflation, and a record low value for the Myanmar Kyat of 4,200 Kyats to the US dollar on 31 August, despite the junta-controlled Central Bank of Myanmar (CBM) setting an ‘official’ exchange rate of 2,100 kyats to the US dollar. So, in addition to the cruel violence inflicted by the junta, people are facing huge difficulties in making ends meet. Yet it is not simply incompetence that is making life almost unbearable for the people of Myanmar, it is the greed, corruption and cronyism of the junta, which is enriching itself at the expense of people’s ability to put food on their plates.
The junta hoped that inflicting economic hardship and misery on the people of Myanmar would make their lives so precarious that they would end their resistance and concentrate on feeding themselves. Unfortunately, that plan has failed due to the people’s tenacious and effective resistance. The CBM was one of the junta’s first targets after the military coup, with the junta arresting and imprisoning the CBM deputy director, Bo Bo Nge, who is now facing trumped-up corruption charges. It is clear that the junta wanted to control foreign reserves, monetary policy, and the financial sector, reflecting one of their first priorities – trying to consolidate their economic position. Read more at: https://www.mizzima.com/article/myanmar-junta-impoverishing-country
